You are here

Banking Foreign Currency

Muli Provides for 25 user defined bank accounts per database. Bank 'Z' is reserved for system journals. While every company must have a bank account in its 'Base Reporting Currency', bank accounts may be shared across legal entities reducing government and banking charges while providing processing efficiency. A single entity may have a number of bank accounts each in a different currency.

All transactions are converted to reporting reporting currency at the processing for reporting purposes and at Trial balance and P&L adjustment is made if required to reflect period end exchange Rate.

Muli produce a ABA format Data File for electronically processing for all payments. We are maintaining the proposed "New Payment Format" emerging for discussion between the reserve bank, treasury and the banks.